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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
Unlike other countries India ironically does not embrace new technology and thus momentum is low. Therefore I felt a need to connect with other bitcoin users in India to discuss , meet and promote Bitcoin in India. discuss wallets ,exchanges,price and other crypto assets.
Help me cross-check my hypothesis: a U.S. dollar collapse would cause Bitcoin prices to go up in every other currency as well.
OK, we assume the fundamental premise of this thought experiment: the purchasing power of the dollar goes down 10X to 100X. That is to say, a soda today costs you $2, the same soda next week costs you $20 or $200. Then we gloss over the obvious: dollar-denominated prices of Bitcoin will experience a similar increase of 10 to 100 times in nominal figures. A bitcoin today is $450, the same bitcoin next week costs you $4.500 to $45.000. Now here is the hypothesis: the price of Bitcoin will go up in every other currency as well, likely not at the same rate (10 to 100X) as the price of Bitcoin in dollars, but at least somewhat. Here is what I think will happen -- the sequence of steps:
Say the dollar's value plummets like we established in our thought experiment.
This has wide-ranging first, second and third order consequences for the economies of every country, most of which have U.S. dollar reserves.
This affects the perceived safety of those currencies as well, since (a) their debts are denominated in their currencies, but (b) their ability to repay the debts is backed by U.S. dollar reserves that (c) suddenly became near-worthless.
So what do people flee to? People holding dollars ditch the dollar, of course...
...but people holding other currencies also ditch them (albeit at a much slower rate, since their currencies are only affected as a second or third order effect).
They flee and buy assets -- precious metals, real estate, and (those who can) they also buy Bitcoin of course.
Intermediate result: significantly higher demand of Bitcoin, not just in exchange for a certain currency like the dollar, but in exchange for all currencies. End result: higher Bitcoin prices across the board. That doesn't mean our Bitcoin holdings will necessarily buy more stuff next week than the stuff it bought this week, but it does mean that every fiat currency holder will be able to buy less Bitcoin next week than the Bitcoin their money bought this week. Please point out if I have made any mistakes in this thought experiment. Thank you.
Leaked FinCEN documents reveal that massive banks have transmitted trillions of dollars related to suspicious individuals and known criminals. At the same time, Bitcoin continues to receive the blame for its alleged involvement in criminal activities
A quick note on why Bitcoin can increase in value even if its price in dollars decreases
A dollar is only worth what you can buy with it. We like to measure the value of a Bitcoin in dollars for some reason, I guess because a lot of us are still chasing that dream of becoming a "millionaire" in USD. Or maybe some of us just have loans and credit cards denominated in dollars that we need to pay off at some point. The strength of the dollar can go up or down, depending on how much you can buy with it. If the dollar gets stronger relative to other currencies, then that means that if you sell your Bitcoin for dollars you will have to accept fewer dollars. But at the same time you might be able to buy just as much stuff or more with your dollars than you could have before, when the dollar was weaker and you could trade your bitcoin for more dollars. For example, if a lot of businesses around the world have excess inventory and put items on clearance sales to make payroll, if home prices go down, etc. then the dollar gets stronger, it can buy more stuff. Same thing with foreign currency trade: If China and Europe have financial problems and are willing to spend more Yuan, Yen, Euros, whatever to buy fewer dollars, the dollar is stronger. You might have to sell your Bitcoin for fewer dollars, but you might be able to trade those dollars for more Euros. It just depends on the current state of the global economy and how many trades you are willing to make and where you care to buy your stuff. But then again, if you have loans to pay off, then you really just want your Bitcoin to sell for more dollars. And it the price of Bitcoin in dollars goes up, that might not mean your Bitcoin is really any more valuable, only that dollars are weaker and inflated. Always remember that price and value are two different concepts. Price is the quantity of one commodity you have to trade to acquire another. Value is how much benefit you can ultimately gain from the exchange.
Why do so many people think Bitcoin will hit a million anytime soon? It would have to go up a whopping 1000 dollars a day to do it in 3 years at the earliest right?
Why do so many people think Bitcoin will hit a million anytime soon? It would have to go up a whopping 1000 dollars a day to do it in 3 years at the earliest right? or a 1000 a week would be 7 times that long or a thousand a month would be 30 times that long is this math right?
In Alien, the starship that Ripley blew up cost only $42million. Today, SpaceX Starship will cost at least $2billion to develop. This gives us a sense of how inflation has changed the perception of dollar value since 1979, and why the crypto movement began in Bitcoin.
Some people think that a weak dollar tends to drive up the price of Bitcoin, but the dollar has materially strengthened since Bitcoin's inception in 2009. Perhaps there is a short-term correlation between the USD index and Bitcoin, but long-term, the correlation is close to 0. Hold on and carry on.
Safe Way To Protect Bitcoin in the event of dollar/euro devaluation
Hey everyone, I've been following bitcoin for some time but don't currently own any of my own. Long story short, I am becoming a bit concerned that various geopolitical and economic conditions could lead to a massive devaluation of the dollar and euro in the somewhat near future. Maybe I'm totally off the reservation here, but my attitude has shifted towards "better safe than sorry". In my limited research, it seems that bitcoin would be a good store of value, however my concern is in the best way to protect and hold bitcoin in a worst case scenario. This is to say, if the dollar and euro decrease in value so much so to trigger a minor or (or hopefully not) major economic collapse, what is the best way to ensure your bitcoin is stored and liquid? I would imagine that in a situation as I have outlined, platforms such as Coinbase and Robinhood would not be the best places to hold bitcoin. Thanks in advance for any suggestions/advice. tldr: what's the best way to protect and hold bitcoin in a disastrous economic situation that results in major platforms such as Robinhood/Coinbase not providing liquidity?
Bitcoin costs 8 billion dollars per year in electricity
According to Google, the average price a residential customer in the United States pays for electricity is 13.31 cents per kWh. According to Forbes Bitcoin uses an estimated 61.76 terawatt-hours (TWh) of electricity per year. Multiply that together and you get 8.220256 billion U.S. dollars per year. I wonder how much that makes per transaction.
The owner of a Bitcoin exchange has become the seventeenth person to be convicted in the United States in connection with a transnational multi-million-dollar online auction fraud scheme that victimized over 900 Americans. Rossen Iossifov was found guilty yesterday by a federal jury in Frankfort, Kentucky, of one count of conspiracy to commit racketeering and one count... The millions of dollars brought in by the scheme were laundered through RG Coins by Iossifov, who exchanged cryptocurrency into local fiat currency. According to trial testimony, over the course of two and a half years, Iossifov exchanged over $4.9m worth of Bitcoin for just four other members of the criminal enterprise. Square’s Big Bitcoin Haul Is Good for Square but Better for Bitcoin Aug. 5, 2020 at 4:59 p.m. ET by Barron's Cryptocurrency funds rally as bitcoin hits a 2-month high BTC USD (Bitcoin / US Dollar) This is the most popular Bitcoin pair in the world. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Notably, the genesis block of Bitcoin contained a footnote addressing the bailouts of banks in 2008 and 2009 [“The Times 3 January 2009 - Chancellor on brink of second bailout for banks.”]
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